Budget 2024 debate: Vikram Nair on support for the unemployed
Against a backdrop of rising retrenchments, Singapore’s economy is doing alright and there are opportunities for workers to take up - that is the upshot of a report on advanced labour estimates released by the Ministry of Manpower at the end of January, said MP Vikram Nair. However, with ongoing and future disruption in the job market, he welcomed a proposal for temporary financial support for those who become involuntarily unemployed. Mr Nair noted that this will not be easy to navigate, with some private-sector efforts in other countries halted due to likely financial unsustainability. He said the scheme should perhaps start as a safety net of last resort to cover people who might have more limited resources, and should take into account factors such as whether the employee received retrenchment benefits from their previous employer. Mr Nair spoke in Parliament on Tuesday (Feb 27).
Against a backdrop of rising retrenchments, Singapore’s economy is doing alright and there are opportunities for workers to take up - that is the upshot of a report on advanced labour estimates released by the Ministry of Manpower at the end of January, said MP Vikram Nair. However, with ongoing and future disruption in the job market, he welcomed a proposal for temporary financial support for those who become involuntarily unemployed. Mr Nair noted that this will not be easy to navigate, with some private-sector efforts in other countries halted due to likely financial unsustainability. He said the scheme should perhaps start as a safety net of last resort to cover people who might have more limited resources, and should take into account factors such as whether the employee received retrenchment benefits from their previous employer. Mr Nair spoke in Parliament on Tuesday (Feb 27).
